MEDAL!
Yvonne put $4,000 into a savings account. At the end of three years, the account had earned $960 simple interest. How much does she have in her account at the end of 3 years? Please explain to me how to do this or even a formula

Question

MEDAL!
Yvonne put $4,000 into a savings account. At the end of three years, the account had earned $960 simple interest. How much does she have in her account at the end of 3 years? Please explain to me how to do this or even a formula

anonymous · Answer

@GreenCat @_alex_urena_ @horsegirl27

horsegirl27 · Answer

Ok, I can help.

anonymous · Answer

yay!

horsegirl27 · Answer

So, she starts with putting 4000 into a savings account. Which means she will have at least 4000. Then she has earned an EXTRA $960 after 3 years. So add 4000 and 960, what do you get?

anonymous · Answer

sorry, my computer kicked me off, 4960 right?

horsegirl27 · Answer

It's fine. And yes 4960. So after 3 years she has $4960 in her savings account.

anonymous · Answer

oh wow, I didn't think about it that way, Thank You:D

horsegirl27 · Answer

You're welcome. Understand how to do this now?

anonymous · Answer

oh btw- it said $960 "simple interest" doe sthat have to do with anything?

horsegirl27 · Answer

nope, simple interest is interest. Interest is money u just earn for free, for having money in ur account. you earn a certain amount of interest ($960 here) and then you add it to the amount you originally put into your account.

anonymous · Answer

oh wow! I understand completely now! Thank You SO Much:D

horsegirl27 · Answer

^_^ You're welcome, I'm glad you understand! :)